The Honolulu Authority for Rapid Transportation (HART) has announced the awarding of a significant contract to Tutor Perini Corporation for the next crucial phase of Honolulu’s rail project. This $1.66 billion contract, known as the City Center Guideway and Stations (CCGS) contract, marks a major milestone in the development of Honolulu’s rail system.

Tutor Perini, a Los Angeles-based construction and engineering firm, will be responsible for the design and construction of this segment, which includes six new rail stations and approximately three miles of elevated rail guideway. This expansion will stretch from just east of the Middle Street Transit Center Station to the Civic Center Station, located near the intersection of Halekauwila Street and South Street.

The design phase of the project is set to commence immediately following the contract’s execution in mid-September, with construction expected to begin in the latter half of 2025. HART anticipates completing this segment by 2030.

The awarding of this contract is also expected to trigger the release of an additional $250 million in federal funding, as outlined in the amended Full Funding Grant Agreement (FFGA) signed on February 2. This new tranche of funding is crucial as it will support ongoing work and ensure the project’s advancement. The original FFGA, signed in 2012, committed $1.55 billion to the rail project, with approximately $931 million already disbursed.

Impact on Future Real Estate in Hawaii

The expansion of the Honolulu rail project is poised to significantly influence the real estate landscape in Hawaii. As the rail system progresses through downtown Honolulu, the accessibility improvements and increased connectivity are expected to boost property values along the route. Areas surrounding the new stations may experience heightened interest from both residential and commercial investors.

For those looking to invest or buy property in Hawaii, keeping an eye on the rail project’s development could offer strategic advantages, aligning investment decisions with the evolving infrastructure and its impact on local real estate markets.

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Contact Sachi Hawaii:
(808) 596-8801 | info@sachihawaii.com

In July, Hawaii’s real estate market saw a significant increase in single-family home sales, up 20.1% from the previous year, reaching 269 transactions. Meanwhile, condominium sales dropped by 7.8%, with 389 units sold. Despite these year-over-year differences, both markets saw modest month-over-month improvements, with single-family home sales rising 4.3% and condo sales increasing by 9.6%. Median sales prices also saw slight gains, with single-family homes reaching $1,140,000 (up 4.6%) and condos at $509,000 (up 1.8%).

Fran Gendrano, president of the Honolulu Board of REALTORS®, highlighted that while there is mixed performance year-over-year, July’s uptick in activity is typical for the season. She noted that demand and median prices remain steady, especially in the single-family market, though there’s a growing inventory that buyers should be aware of. Gendrano emphasized the importance of working with a REALTOR® to navigate the market’s evolving dynamics, including interest rates and policy changes.

Single-Family Home Resales

Condominium Resales

Source: HiCentral

Active inventory continued to rise across both markets, with single-family home listings up 10.6% and condo listings increasing by 8% month-over-month. Notably, new listings surged, particularly in the $600,000 to $999,999 range for single-family homes and the $300,000 to $599,999 range for condos. With inventory levels higher than last year, buyers have more choices, though condos saw the largest increase in available units, more than doubling in some price ranges.